J Darrin Gross

I'd like to ask you, Mark Halpern, what is the BIGGEST RISK?

Mark Halpern

Great question, Darrin. And I'm glad you're asking it. So, I'm on a bit of a mission, Darrin, and that is I want to inspire and educate professional advisors to be incorporating this insurance and philanthropic planning into clients' estate plan, so I'm on a mission for that. Okay, because people don't know about it. So, what is the main thing for me that the biggest risk is, is that everyone should know that they have three possible beneficiaries to their estate: three: one is family, one is the tax department, and one is charity or impact, and each of us can only pick two of those. Which two would you pick? Most people would say I take family and I take charity. So, with proper planning, you can be remembered for leaving a lot of money to charity, as opposed to writing a big check to Washington, and this is all legal, all given the kiss of blessing from the tax department, that people don't realize that charitable donations on death can actually be used to mitigate up to 100% of estate taxes, 100% that means for every dollar of tax that you owe, and you give $2 to charity, you turn $1 of tax into $1 of charity. Now you remember for giving $2 to charity, as opposed to $1 to the government. So that's the risk is not getting to that, as I said before, while the sun is short. Design it, because a lot of people have become very successful in their life, but they want to become significant, and your kids, you know, this is not about disinheriting the family, of course. You know, charity begins at home. Giving to charity is not about disinheriting your kids, it's about adopting causes that you care about and disinheriting the tax department, and that gives people a tremendous feeling of accomplishment in life. I've had clients who've tried thinking about the fact that they have not done anything yet of significance, right. So, if we can use house money, money that's on the table that doesn't belong to you, to make a difference in this world, how great would that be? And we have a, we have a pretty ambitious goal. Our goal is to create a billion dollars a year of charity. We're building a national community of 100 professional advisors and charities. If each of us are creating $10 million of current charity or future charity for legacy giving, often just by converting tax into charity, you've got 10 million times 100 that's a billion dollars a year, and our goal is to have that in place by 2030 the end of 2030 and we've already got about two dozen already attached to this, so it's a very, it's a great thing that gets me up in the morning, and I get excited about my biggest risk personally now is not having enough time to actually execute on this this goal, because that's my mission, and it's a big risk, because nobody else can do it, it's only me. So, on, you know, I have a lot of ambition around that, and it gets me very excited, and I love to see company advisors. I have a, I have an amazing mentor and coaching program called Power of platinum.com It's been around for five years now, over 200 advisors have gone through it, become experts in what we're talking about, and the nice part about that is the fees that they pay actually good on my charitable foundation, so it's a way for me to create more charity, help more advisors, and do good in the world.

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